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SENASTE
Duni reported Q1 below our expectations. We are however impressed by the company’s margin resilience as EBIT expanded 11% y/y while sales fell 8%. The key driver going forward will be improved European consumer sentiment, we believe, and at a 2024E P/E of 9x and with the downside potentially protected by a bid from the majority owner, we see risk-reward as good. We lower our estimates and DCF-derived mid-point fair value to SEK 173 (191).
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